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Samantha Seaton, chief executive of financial website Moneyhub said: “Over the last year household finances have been squeezed left, right and centre, with theprice of food, transport, bills, and our other everyday essentials all going up.

“With real term wages falling, people are increasingly reliant on debt to help them cover the cost of living. The latest report by the

Institute for Fiscal Studies shows that one in 10 households has more than £10,000 of unsecured debt, whether it’s through loans, credit cards, or finance.”